Did Colonel Tom Parker Steal From Elvis Presley?
Even though we can’t say that Colonel Tom Parker stole from Elvis Presley, we can surely say that he made a substantial amount of money off of Presley.
When Elvis Presley passed away in 1977, some news was circulating that he was nearly penniless at his death. Colonel Tom Parker, an illegal immigrant in the United States, was Elvis Presley’s manager during his career. He was a Dutch immigrant who was never given permanent residency status.
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For this same reason, Elvis Presley never embarked on a tour of any country outside the United States. The Colonel was concerned that if Elvis went on tour outside the United States, he might not be allowed back into the nation after his travels.
Elvis was loyal to The Colonel and used to give him all the credit for his success. He said that he would not have become the international celebrity he became had it not been for The Colonel.
How Much Money Did Colonel Parker Make Off Elvis?
Elvis Presley had a combined total of record sales of anywhere from 600 million to 1 billion recordings (singles and albums) throughout his career.
Although he was not a songwriter, the King made it a practice to purchase all the publication rights to the songs he recorded from the artists who wrote them in their original forms.
This indicated that not only did he make money from selling his CDs, but he would also make money off the public performance of these songs. Additionally, he profited from other artists’ recordings of these songs under their names.
Elvis Presley was down to his last $5 million when he passed away in 1977. Before his death, the Colonel was forced to negotiate a $750,000 deal with a Las Vegas hotel where Elvis would be performing live to generate much-needed money.
Thus, we can estimate how much money Parker made off of Presley.
Colonel Tom Parker Net Worth At Death
Elvis Presley passed away with a net worth of $5 million, whereas Colonel Tom Parker passed away with a significantly lower net worth. This is even though Parker engaged in shady financial dealings with Presley during their time together.
When he left, his estate was appraised at $1 million, comparable to almost $1.8 million in today’s money (via Dollar Times). This sum is much lower than Parker’s reported $100 million throughout his lifetime.
He also racked up gambling debts of as much as $30 million throughout his life at various points. Additionally, he was responsible for losing a significant amount of Elvis’s money.